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Monarch Casino initiated with an Underweight at Wells Fargo

Monarch Casino initiated with an Underweight at Wells Fargo

Wells Fargo analyst Zachary Silverberg initiated coverage of Monarch Casino (MCRI) with an Underweight rating and $79 price target The firm says its cautious view reflects Monarch’s “full valuation,” slowing growth in Black Hawk, and competitive pressures in Reno. Despite the company’s strong product offering, it faces a highly competitive Reno-area market, with the challenge of new tribal casino supply in Northern California, the analyst tells investors in a research note.

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